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uber excited

Uber reports solid earnings, mixed guidance

Uber reported third-quarter earnings Tuesday.

Uber reported largely solid earnings this morning, posting revenue of $13.5 billion compared with the FactSet analyst consensus of $13.28 billion and up 20% from a year earlier. The company reported earnings per share of $3.11 versus the expected $0.69, but this includes a $4.9 billion boost to net income from a tax valuation release and another $1.5 billion (pretax) lift from revaluations of its equity investments. Adjusted EBITDA of $2.26 billion was a touch shy of estimates for the quarter.

Gross bookings, or what customers spent on rides, delivery orders, and freight, grew to $49.7 billion, up 21% from last year and higher than analysts’ expectations of $48.95 billion.

However, shares are down in premarket trading as guidance was mixed: while Uber sees gross bookings in Q4 ranging from $52.25 billion to $53.75 billion, ahead of consensus, that isn’t translating into the kind of profitability the Street was expecting. The midpoint of its adjusted EBITDA range of $2.41 billion to $2.51 billion for Q4 is below the consensus estimate for $2.49 billion, per analysts polled by Bloomberg.

During the company’s earnings call this morning, investors will be looking for more details on the company’s robotaxi rollout. Shares of both Uber and EV partner Lucid jumped last week after the two announced their first robotaxi market would be San Francisco, where Google’s Waymo is currently operating.

Rani Molla

Waymo Business

Uber says it’s doing better in markets where it has autonomous vehicles

It’s autonomous ride-sharing business is still very small.

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Norway’s wealth fund, Tesla’s sixth-largest institutional investor, votes against Musk’s pay package

Norway’s Norges Bank Investment Management, the world’s largest sovereign wealth fund, said Tuesday that it voted against Tesla CEO Elon Musk’s $1 trillion pay package, ahead of the EV company’s annual shareholder meeting Thursday. The fund, which has a 1.2% stake in Tesla, is the company’s sixth-largest institutional investor, according to FactSet, and the first major investor to disclose how it voted on the matter.

Tesla is down nearly 3% premarket, amid a wider pullback in equities that’s most pronounced in AI-related stocks.

“While we appreciate the significant value created under Mr. Musk’s visionary role, we are concerned about the total size of the award, dilution, and lack of mitigation of key person risk- consistent with our views on executive compensation,” NBIM said in a statement.

Tesla’s board considers Musk’s mammoth, performance-based pay package necessary to retain Musk. For what it’s worth, prediction markets are quite certain investors will pass the proposition.

Norway's mega wealth fund to reject Elon Musk's $1 trillion Tesla pay package

Tesla is down nearly 3% premarket, amid a wider pullback in equities that’s most pronounced in AI-related stocks.

Tesla’s board considers Musk’s mammoth, performance-based pay package necessary to retain Musk. For what it’s worth, prediction markets are quite certain investors will pass the proposition.

Rani Molla21h

Waymo to expand robotaxi service to Detroit, Las Vegas, and San Diego

Google’s Waymo robotaxi service is expanding to three new cities — Detroit, Las Vegas, and San Diego — where it has previously tested its driverless vehicles. Waymo plans to bring its Jaguar I-Pace and Zeekr RT vehicles to those three markets this week, but they won’t be immediately available to the public.

Currently Waymo is available in five US cities: Atlanta, Austin, Los Angeles, Phoenix, and San Francisco.

Tesla is currently testing in Las Vegas, while Amazon’s Zoox has limited service in the city.

Waymo's robotaxi expansion accelerates with 3 new cities | TechCrunch

Currently Waymo is available in five US cities: Atlanta, Austin, Los Angeles, Phoenix, and San Francisco.

Tesla is currently testing in Las Vegas, while Amazon’s Zoox has limited service in the city.

Jon Keegan11/3/25

Microsoft pledges $8 billion for data centers, cloud computing in UAE

Microsoft announced another large AI-related investment in the United Arab Emirates today, pledging $7.9 billion for data centers and cloud computing.

The deal adds to the $7.3 billion it has already poured into the Gulf state, including a $1.5 billion equity stake in G24, the country’s sovereign AI company.

Microsoft President Brad Smith said in a post on X:

“This reflects a shared vision for AI innovation, economic growth, and ensuring that the benefits of AI are diffused broadly. Microsoft is committed to the future of the UAE and the strong ties between our two nations.”

Microsoft had previously been approved by the Biden administration to send the equivalent of 21,500 of Nvidia’s less powerful A100 GPUs. The Trump administration, which has made a big push for investments in the UAE since President Trump’s visit in May, recently approved shipments of several billion dollars’ worth of Nvidia chips to the nation.

The new deal involves the equivalent of 60,400 A100 GPUs, which include some of the state-of-the-art GB300 GPUs.

Microsoft Vows to Spend $8 Billion in UAE Through 2029 on Cloud, Chips

Microsoft President Brad Smith said in a post on X:

“This reflects a shared vision for AI innovation, economic growth, and ensuring that the benefits of AI are diffused broadly. Microsoft is committed to the future of the UAE and the strong ties between our two nations.”

The new deal involves the equivalent of 60,400 A100 GPUs, which include some of the state-of-the-art GB300 GPUs.

Rani Molla11/3/25

Prediction markets think Tesla investors will approve CEO Elon Musk’s $1 trillion pay package on Thursday

Polymarket users are highly convinced that Tesla investors will approve CEO Elon Musk’s $1 trillion pay package later this week, with the market-implied likelihood on the event contract at one point stretching above 97% today, though it’s since come down to around 94%.

Of course, even if investors approve his 2025 CEO Performance Award at the November 6 shareholder meeting, that doesn’t necessarily mean Musk will get the full payout. The deal is performance-based and requires Musk and Tesla to hit a number of lofty goals over the next decade, including:

Boosting the company’s market cap to $8.5 trillion from today’s $1.46 trillion.
Delivering 1 million AI robots (it has so far delivered none).
Having 1 million robotaxis in commercial operation (there are currently about 30 in Austin without a Tesla employee in the driver’s seat).

Tesla’s board and Musk have been loudly campaigning for the pay package’s approval. Board Chair Robyn Denholm wrote in an investor letter last week that it’s integral to keeping Musk. Musk himself took over the company’s earnings call last month to argue that the 29% voting control that’s part of the pay package would be integral to guiding Tesla’s development of AI robots.

“If we build this robot army, do I have at least a strong influence over that robot army?” Musk said.

Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.